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    400 Sheffield Ctr Lorain, OH 44055-3158
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    400 Sheffield Ctr Lorain, OH 44055-3158

    View on Map
    • Commercial land
    • 26,932 SF
    • 5.10 lot acres
    Off-Market
    Last Sale Oct 27, 2022
    $45,000
    Property ID
    US66-1608575
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $690,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apples Market / Grocery & Convenience Store / Food Market
    • Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service
    • ATM First Place Bank / Bank / Check Cashing
    • Red Reckon Donate Car Process Inc / Corporate Office

    Property Details for 400 Sheffield Ctr

    Lot size
    5.10 lot acres
    Property size
    26,932 SF
    Property type
    Commercial land
    APN
    03-00-112-101-079
    APU
    300112101079

    Description

    Sheffield Center, located at 400 Sheffield Center in Lorain, Ohio (44055), presents a prime retail opportunity within a well-established shopping center in Lorain County. This multi-tenant property boasts a total of 184,448 square feet, offering flexible space options to suit various business needs. Currently, there are 17 available spaces ranging from a minimum of 1,264 square feet to a maximum contiguous space of 9,000 square feet. A significant 41,071 square feet of vacant space is readily available for lease, providing substantial opportunities for expansion or new ventures. The property's strategic location in Lorain, Ohio, ensures high visibility and accessibility for customers. The diverse range of available space sizes makes Sheffield Center an ideal location for businesses of all scales, from smaller boutiques to larger retail establishments. This is a chance to secure a prominent position within a thriving retail environment in a well-established shopping center. The property is classified as a retail shopping center and is available for lease. Interested parties should inquire about the available spaces and lease terms. The property is easily accessible and situated in a high-traffic area of Lorain County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $461,000
      Market price range: $461k - $3.16M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1491
    Latitude
    41.42
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,020
    $15,750
    $0.00
    $15,750
    -
    $45,000
    $0.00
    $45,000

    Comparable in this City

    • Value Estimation by Request
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      204 34th St

      VACANT COMMERCIAL LAND • 0.17 Acres
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      0.14 Acres

      1844 28th St

      VACANT COMMERCIAL LAND • 836 SF
      1844 28th St, Lorain, OH 44055-1804
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      0.14 Acres

      1703 28th St

      VACANT COMMERCIAL LAND • 1,640 SF
      1703 28th St, Lorain, OH 44055-1703
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    • Value Estimation
      $1,660,000
      0.12 Acres

      2831 Grv Ave

      VACANT COMMERCIAL LAND • 1,962 SF
      2831 Grv Ave, Lorain, OH 44055-2041
      View Details
    • Value Estimation
      $910,000
      0.24 Acres

      4852 1st Blvd, Unit A

      VACANT COMMERCIAL LAND • 0.24 Acres
      4852 1st Blvd, Lorain, OH 44055-2900
      View Details

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      0.17 Acres

      Lorain City Lot Opportunity

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      Residential Land in Established Neighborhood

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      Lorain Land For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      500 SF

      Lorain-Elyria Retail Corridor Space

      Retail spaces available in Sheffield Center Plaza, Lorain, OH.
      120-400 Sheffield Ctr, Lorain, OH 44055
      View Details
    • Contact for pricing
      9,000 SF

      Retail Space in Sheffield Center

      Retail spaces available in Lorain-Elyria retail corridor.
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      View Details
    • Contact for pricing
      20,765 SF

      Retail Space in Lorain, Ohio

      Retail space available in well-established shopping center on Route 57.
      2222 Fairless Dr, Lorain, OH 44055
      View Details
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    Lorain, OH 44055-3158
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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